I have very few people that I follow about TA charting. I like Citrati and a few people here like Gator,Kentucky,Simon, and maybe a few others . but I do my own study and if I'm on target I find the track patterns ok. I saw the bias looking downward lately and the chart was showing it a few days ahead of time. maybe the next several days coming, and through August its possible we can see the lower targets get reached . We have yet to see any decent bounce off this 17.50 'bottom' and when we do see a bounce ,there is resistance starting at 18.50 area and into 19.50. while the bullish target zone is up around 24.Its a big hill to climb before the bias gets bullish, in my view.
Watching the track patterns ,not trying to make a prediction, but trying to see what the playing field is..., can it stretch down to 14 or 13? and in the upward direction can it reach 22/23/24 area as a good first wave? Right now, with bias looking downward,it is holding the 17.50,but like a few weeks ago when it was "holding" 20, it broke down eventually, and this low at 17.40 area looks the same to me, waiting to break down. But IF it holds support and makes a good bounce, I think it must reach 19.25 area to start looking hopeful. Failing at 18.50 resistance is a clue to the bias staying downward, as I mentioned yesterday, and that outlook remains ongoing today, in my view.
bias remains downward but I could be proved wrong if it jumps to 19 and higher as a breakout... This 'bottom' at 17.50 needs a big bounce to 19.50 to turn bullish looking. When I look at this chart, I'm watching for a bounce to the 18.50 area and see if it gets stuck there and struggles to go higher. thats a warning clue if that happens. Its mostly about watching the price bounce between support and resistance steps.
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